Table 19.2Quantity ConsumedTotal UtilityMarginal Utility115152 9330 4 3In Table 19.2, the total utility when four units are consumed is
A. 30.
B. 33.
C. 6.
D. 3.
Answer: B
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When the tax structure of a nation is progressive, as real incomes increase, the tax revenues of the government will
a. decline. b. increase by the same proportion as the increase in real income. c. increase by a larger proportion than the increase in real income. d. remain unchanged unless legislative action is undertaken.
In Year 1, the actual budget deficit was $200 billion and the cyclically-adjusted deficit was $150 billion. In Year 2, the actual budget deficit was $225 billion and the cyclically-adjusted deficit was $175 billion. It can be concluded that fiscal policy from Year 1 to Year 2 became more:
A. Proportional B. Progressive C. Contractionary D. Expansionary
When a city licenses only 3 taxi firms to serve the market, the city has created a
A) cartel. B) legal monopoly. C) monopolistically competitive market. D) legal oligopoly. E) natural oligopoly.
Replacing employment-based health care with a government-run system could reduce employers payments for their workers insurance, but the amount that they would have to pay in overall compensation
A) would dramatically increase. B) would fall to zero. C) would dramatically decrease. D) would remain essentially unchanged.